Today in our Marketing Myths series, we’re covering:
Real Estate Marketing Myth #4: Geographic Farming is Dead
Every day there seems to be a new and exciting way to attract the attention of potential prospects. And with every new social media site or app that’s touted as the latest and greatest, it’s natural to assume that the old way of doing things is no longer relevant.
The fact is, geographic farming is one of the simplest and most cost-effective components of a successful real estate marketing system. You simply need to understand how geographic farming will work for you as a new real estate agent.
3 Things Real Estate Agents Need to Know About Geographic Farming
1. Direct Mail (or any marketing touchpoint, for that matter) is not a “one and done” campaign.
New Realtors tend to budget for a single mailing, expecting a flood of phone calls the day of the drop. Unfortunately, marketing campaigns do not work this way. A gazillion years ago, marketing expert Dr. Jeffrey Lant gifted us with the Rule of 7. Even with the evolution of digital marketing, it still rings true. Expect that you’ll have to achieve a minimum of 6 to 12 touches before seeing any measurable results. This is because you’re showing your worth with every mailing, building your reputation and creating a relationship with residents within your chosen neighbourhood, ensuring yourself steady and consistent growth.
2. Printed Newsletters will give you a greater return on investment (ROI) than postcards.
Over time, consistent and high-quality information that’s customized to homeowner needs and interests will bring more leads, conversions and referrals than postcards. This is because real estate newsletters are client-focused and position you as the information source for real estate in general and your geographic farm (neighbourhood) in particular. This is not to say you shouldn’t mail postcards. Postcards, however, should be a supplement to monthly newsletters. Just Listed and Just Solds postcards, for example, are highly effective as a supplement, and they should be sent at strategic times or intervals.
Print marketing allows you to effectively reach your target market even though you don’t have a full list of their email addresses. It doesn’t get caught in spam filters or get lost in the other dozens upon dozens of email advertisements the recipient can receive in a single day. In addition, mass mailings are tangible. Homeowners will hold it in their hands, review it and, if there is valuable information, will hold on to it or perhaps pass it to a friend who is considering a move.
Now that you understand how geographic farming works, how can you make sure your campaigns will reach maximum potential?
How to Make Targeted Direct Mail Work for You
- Targeted Geographic Farming campaigns – Research demographics, turnover, sales trends and whether other real estate agents dominate the area.
- Follow up strategy – Make sure you have a well-planned, easy-to-implement follow-up strategy such as door knocking, hosting and attending community events. Collect email during the follow up so that you may also stay in touch electronically and begin to create a full real estate marketing system.
- Real Estate Marketing System – Direct mail should be one part of an overall marketing system. It should be well thought, include follow up, and the results should be measurable.
I hope you found this article helpful. Please join us next week as we wrap up the Marketing Myth series with a doozy about reinventing the wheel! And check out our previously covered myths: